The nation is also struggling with a refugee crisis, where thousands of migrants and refugees have flocked to its shores.

2) The next step for Tsipras will be to form a new coalition government. He is most likely to govern with previous coalition partner, the Independent Greeks.

3) Greece has already received the first part of its third international bailout. The package of European loans is worth up to 86 billion euros ($96 billion). The bailout secures Greece's membership in the eurozone.

4) Eurozone nations, along with the ECB and the International Monetary Fund, have already loaned Greece roughly 233 billion euros in rescue financing since 2010.

5) But there won't be a quick fix for Greece's Depression-like conditions. The European Commission has forecast that Greece's economy could shrink by another 4% this year. Greeks are currently suffering with an unemployment rate above 25% and the highest poverty rate in the European Union.

6) The IMF won't take part in the new bailout unless it includes debt relief for Greece. A senior IMF official said this could take the form of longer grace periods, longer payment schedules and lower interest rates -- the fund was not insisting on outright cancellation of debt.

7) The country's banks and stock exchange were forced to close for a number of weeks to prevent a complete financial meltdown. The banks reopened on July 20, although caps on cash withdrawals remain.

The banks are being kept afloat by emergency cash from Europe's central bank, but urgently need a longer term solution. A large chunk of money from the newest bailout will be used to prop up the banks.

9) Greece's former left-wing government campaigned for months against these reforms. But Tsipras was forced to accept the bailout conditions when it became clear that the only alternative was for Greece to crash out of the euro.